ICICI Bank announced that it will
sell up to 77,249,508 equity shares of its subsidiary, ICICI Securities, via an
IPO (initial public offer). The public offer of ICICI Securities will open for
subscription on 22 March 2018 and will close on 26 March 2018. The anchor
investor offer period will be open for subscription on March 21, the company
said.
At the upper end of the price band,
the offer could fetch over Rs 4000 crore. The price band for the offer has been
fixed at Rs 519-520 per share. The face value will be Rs. 5 each and the
minimum bid lot is fixed at 28 equity shares.
The filing further said that the
offer includes a reservation of up to 38.62 lakh equity shares of ICICI
Securities for purchase by ICICI Bank Shareholders, that is, the HUFs and individuals
who are the public equity shareholders of ICICI Bank.
The objectives of the Initial Public
Offering are to accomplish the benefit of listing the equity shares on the
stock exchanges and for the sale of equity shares by ICICI Bank. The company looks
forward to enhanced visibility and brand image through the IPO.
ICICI Securities registered total
revenue of Rs. 14,042.3 million in the financial year 2017 and a total revenue
of Rs. 8,527.7 million for the six months ended September 30, 2017.
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